Considering that we dole out an average of 29% of our income in taxes to Uncle Sam, you don't want to miss out on a single credit -- especially one that could result in a lucrative payout.
The Earned Income Tax Credit, which gives up to $5,700 to workers earning income under $49,000, is one of the most commonly overlooked credits. The IRS estimates that one in five qualified taxpayers overlook this credit, even though it could put a lot of extra money their pockets.
To help more taxpayers take advantage of this credit, tax software developer Intuit has created a free app for iPhones and Android smartphones that allows you to enter basic information about your tax situation -- like your income, filing status and number of dependents -- to determine whether you qualify for the credit. If you're eligible, the app calculates just how much money the EITC will bring you.
From pet pigs to Playboy magazines, here are some of the most outlandish deductions taxpayers have tried to slip past the IRS.
|American Airlines, US Airways to form largest air carrier Monday|
|Boost for trade as global deal struck|
|Japan's economy looks weaker after GDP revision|
|2 million Facebook, Gmail and Twitter passwords stolen in massive hack|
|AMC gives rewards program members insider access to IPO|